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Published on July 28, 2007

Bank of Ayudhya, the brokerage's parent firm, will select those who replace them.

"Executives of Bank of Ayudhya have entrusted me and my team to manage Ayudhya Securities after the previous management team resigned en masse to set up a new company," Sasiprin said. "I think I've already achieved my mission in management, developing a new workforce and reorganising the company. I will still work in finance and the capital market but as an investment banker. "

Sasiprin has been head of Ayudhya Securities for almost three years. He will head a new advisory firm to be set up by Indonesian investors, said a source in the brokerage community.

"Indonesian investors approached him while Ayudhya Securities had a conflict in the organisation, and investment banking is a job that MR Sasiprin has a passion for," the source said. "Apart from the firm, he would take responsibility for managing the investment portfolio for the new company's shareholders."

The source also dismissed a rumour that GE, Bank of Ayudhya's major shareholder, would divest itself of the brokerage business.

"That is impossible, as Bank of Ayudhya wants to move towards universal banking, and it needs this business to fulfil the requirements ," the source said.

Siriporn  Chanjindamanee

The Nation